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Newspaper
Scottsdale Progress
Location
Scottsdale, Arizona, United States of America
Date
Aug 19, 1974
Page
5
Judith G. Rhoades explains listed versus unlisted bonds, noting similar quality but liquidity and bank lending value favor listed bonds. Unlisted bonds trade OTC while listed ones trade on NYSE or AMEX. The Bond Room on the NYSE floor handles bond transactions, and bond purchases resemble stock buys though commissions differ.
The Bureau of the Census reports 9,585 retail establishments in the Phoenix metro area earned over 2.7 billion dollars in 1972 while Tucson area firms totaled 3,407 with about 994 million. Statewide 18,448 stores posted 4.8 billion in sales with Phoenix food stores leading at 587 million and auto dealers at 580 million.
NYSE close shows varied results with Alcan Aluminum Air Products and Allied Chemical among leaders. Amkor, AMETEK, and Citicorp solid performers, while prominent names like Boeing and Coca Cola post notable moves amid market activity and price changes.
Market quotes show London Gold at 152.50 down 2, August silver 4.44 down 0.02, platinum 194.50 up 1.50, copper 77.9 down 0.44, wheat 4.30 down 0.04, corn 6.65 down 0.02, soybeans 7.43 down 0.20, live cattle 47.50 up 0.53, live hogs 39.35 up 0.08, potatoes 4.53 down 0.22, cotton 52.25 down 0.41, plywood 110 down 0.40, with miscellaneous data on other stocks and futures.
Selected stocks on the American Stock Exchange in New York at close show mixed gains and losses. Prices for Petro, Buttes Gas, Circle K, FordC, Frontier Air, and others fluctuate with percentages indicating daily changes.
James Cary Washington writes that President Ford faces a brewing economic crisis marked by 11 percent inflation and rising wholesale prices. He argues the major parties lack effective remedies, cites Nixon era policies, and notes oil price shocks and import reductions as key factors fueling inflation while suggesting a major tax increase as a potential remedy.
The piece argues a global shortage of commodities and oil crisis since last October has driven U.S. oil imports to 11.1 billion dollars in the first half of the year, threatening world trade and potentially the monetary system. It discusses rationing and large tax increases as tools, weighing political reluctance and possible effects on inflation, demand, and investment.
Dow Jones closing figures show the averages slipping with 30 industrials at 721.84 down 9.70, 20 transportation at 149.88 off 2.24, and 15 utilities at 66.21 down 0.76. Total volume traded 11.6 million shares versus 11.1 million Friday.
Seoul held a national funeral for Mrs Park Chung-hee after she was shot while targeting her husband. Investigators questioned 22 year old Moon Se kwang about alleged North Korean links as Pyongyang denied any connection. Burial took place at Adongjak-Dong National Cemetery following a 90 minute service at the Capitol complex.
Salt River Project auctions 64 vehicles including 23 1972 Plymouth Satellites and 23 1971 Chevrolet Malibus plus several vans and pickups. Western Sales Management conducts the sale at 11017 N Cave Creek Rd Saturday 8 a.m. Inspection is Thu and Fri 9 a.m. to 4 p.m. Cashier checks or certified funds required. removal by 4 p.m. Aug.
Neil Dick, a display ad salesman for the Scottsdale Daily Progress, is named manager of the North Scottsdale Paradise Valley office at 10335 N Scottsdale Rd. He took over last week and reports to Babe Cina. He replaces Ed Nixon who resigned. Neil joined the Progress in 1964 and has spent the last four years in display advertising with Papago Plaza Fifth Avenue and Phoenix accounts.
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